Updated: May 24, 2012 1:07 PM
SANTA FE, N.M. (AP) — The state Board of Finance says New Mexico is getting exceptionally low-cost financing for $70 million in capital improvement projects across the state.
The board has accepted bids from Morgan Stanley that provide for an interest cost of 1.47 percent on state bonds backed by revenues from severance taxes on oil and natural gas production.
State officials said the rate was the lowest in memory and there were 12 competitive bids submitted by potential bond underwriters.
The latest bond issuance will pay for projects approved during a 30-day legislative session earlier this year.
Gov. Susana Martinez said Wednesday the low interest rate on the 10-year severance tax bonds will provide savings to taxpayers on the costs of financing capital improvements.
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Did you like this article? Vote it up or down! And don't forget to add your comments below!
We welcome your thoughtful comments. Be the first to participate in the discussion. All comments will display your username and avatar.
Sign in or join now to post a comment. All comments will display your username and avatar.
Secretary of State:
Dianna J. Durán
Click the links below to get in touch with your elected officials.
Copyright © 2009 – 2013 LIN Media. All rights reserved.
N.M. Politics Blog | Videos |
Races | Offices |
Legislation | Activity Stream
Terms and Conditions |
RSS Feed |